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Business News

Tax implications: Limited company vs Sole Trader

When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider.

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Revised Code of Practice for Flexible Working Requests Expected

The Advisory, Conciliation and Arbitration Service (ACAS) has released a final draft of a new Code of Practice on requests for flexible working.

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Are you getting minimum wage payments right?

Last week, the government named and shamed 524 businesses for failing to pay the minimum wage to their staff.

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Companies House increases registration fees

From 1 May 2024 fees for registering a new company are set to rise significantly for the first time since 2016

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HMRC advisory fuel rates for company car users from 1 March 2024

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2024

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Nature benefits from new legal requirement for developers

All major housing developments in England are now required to deliver at least a 10% benefit for nature

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Budget News

Autumn Statement Review – November 2023

Chancellor Jeremy Hunt has unveiled the government's road map for the upcoming year through his Autumn Statement in the House of Commons.

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Budget 2023 - at a glance

The Chancellor Jeremy Hunt has delivered his Budget in the Commons saying he was reporting today on a "British economy that is proving the doubters wrong"

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Brearley & Co - Autumn Statement Review

The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’.

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Autumn Statement 2022: Key Points

The Chancellor of the Exchequer Jeremy Hunt has announced his Autumn Statement in the House of Commons, aiming to restore stability to the economy, protect public services and build long-term prosperity for the United Kingdom.

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2022 Spring Statement Summary

Chancellor Rishi Sunak delivered the 2022 Spring Statement yesterday, responding to the latest economic forecasts published by the Office for Budget Responsibility (OBR).

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Our Autumn Budget and Spending Review Summary

On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review.

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Brearley & Co News

Brearley & Co announce regional growth with the launch of two new offices

We are excited to announce that Brearley & Co has widened its presence across the county by opening two new offices.

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Introducing Gala Technology's SOTpay: Revolutionising Digital Payments for Businesses

Discover Gala Technology's innovative digital payment solution, SOTpay, offered by Brearley & Co.

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Supporting Bluebell Wood Children's Hospice

Following the fantastic casino night and charity auction that Brearley & Co and Alexander Calder Financial hosted together at the AESSEAL New York Stadium, we were delighted to present Bluebell Wood Children’s Hospice with the proceeds of our charity event, a cheque for over £1300.

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Ben Raises over £1500 for Cancer Research UK with 5K a Day Challenge

Ben Kay, based at our Dinnington office has completed an incredible 5K a day challenge to raise money for Cancer Research UK, raising over £1500 for the charity in the process.

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Alexander Calder Financial and Brearley & Co Accountants announce strategic partnership.

North Nottinghamshire based Financial Advisors, Alexander Calder Financial, have partnered with Yorkshire based accountancy firm, Brearley & Co, expanding their services and client base further.

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Brearley & Co Accountants announced as latest Chamber Patrons

Brearley & Co Accountants are proud and delighted to announce that we are now Patrons of the Barnsley & Rotherham Chamber.

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Events

Pension Salary Exchange & Planning and Managing Redundancies Webinar

Brearley & Co Accountants and Bhayani Law are pleased to jointly present this webinar.

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Chamber Means Business Expo 2019

Brearley & Co are pleased to be exhibiting again at the Chamber Means Business Expo on 5 September at the Aesseal New York Stadium, Rotherham.

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Breakfast Seminar – Company Sale and Exit Strategy

Are you thinking about selling your business, or interested to know more about what is involved?

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Careers

Accountancy Apprenticeships, Swinton and Rotherham

Are you a School/College leaver and looking to develop a career within Accountancy?

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COVID 19 News

Chancellor announces financial aid package for charities

On 8 April, Chancellor Rishi Sunak announced a £750 million package to help charities struggling during the coronavirus (COVID-19) pandemic.

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HMRC – Time to pay details for Coronavirus

HMRC have issued a helpline for businesses who have concerns and worries about complying with their tax obligations due to the Coronavirus pandemic. This number is 0800 0159 559.

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Coronavirus ‘gravest threat to global economy since financial crisis’, says OECD

The Organisation for Economic Co-operation and Development (OECD) has warned that the coronavirus represents the 'gravest threat' to the global economy since the 2008 financial crisis.

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GDPR

GDPR rules prompt spike in data breach notifications

Notifications of data breaches to the Information Commissioner’s Office (ICO) have rocketed in the first year of new reporting rules following the introduction of the General Data Protection Regulation (GDPR)

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GDPR – One month to go

Today (25 April) marks the start of the final month before the General Data Protection Regulation (GDPR) comes into force. Read more here.

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Half of businesses ‘unprepared for GDPR’ survey suggests

The government is urging companies to check they meet the requirements of the new GDPR data protection laws which come into effect in May.

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UK business leaders ‘in the dark’ about new GDPR

A survey carried out by the Institute of Directors (IoD) has suggested that almost a third of UK business leaders have not heard of the new GDPR.

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HMRC News

605k people miss tax return deadline

More than double the number of taxpayers have failed to file their self assessment tax return on time this year

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Self Assessment Tax Helpline closes

HMRC has closed the self assessment tax helpline for three months over the summer to focus call center resources on dealing with other problem calls

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Online sellers targeted for unpaid tax

HMRC has information on thousands of online sellers who have failed to pay tax on sales over the internet

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Record 11.7 million tax returns received on time

A record 11.7 million customers submitted their tax returns on time, HM Revenue and Customs (HMRC) has revealed.

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Online services cannot replace HMRC staff, say MPs

In a hard hitting report on HMRC’s performance, MPs have demanded urgent improvements to address unacceptable service standards

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Christmas workers can save time with HMRC App

As tens of thousands of people start seasonal jobs over the next few weeks, they can use the HM Revenue and Customs (HMRC) app to save them time to find details they need to pass on to their employer.

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Making Tax Digital

Treasury announces two-year delay to MTD ITSA

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022).

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VAT businesses must be ready for Making Tax Digital filing by November

HMRC is reminding businesses that they will no longer be able to use their existing VAT online account to submit VAT returns from 1 November.

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Essentials: Making Tax Digital for income tax

Despite a one-year delay to implementation, it is important to start preparing for Making Tax Digital for income tax self-assessment (MTD for ITSA)

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MTD for VAT takes effect for over one million businesses

On 1 April, the government's Making Tax Digital for VAT (MTD for VAT) initiative came into effect.Businesses which have a taxable turnover above the VAT registration threshold (currently £85,000) are now required to comply with MTD for VAT.

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Charities urged to prepare for Making Tax Digital VAT

The Charity Commission is urging trustees to ensure charities are getting ready for the implementation of Making Tax Digital for VAT, which starts on 1 April

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MTD for VAT – CIOT welcomes ‘soft landing’ concession for taxpayers

The Chartered Institute of Taxation (CIOT) has welcomed the legal status given to the Making Tax Digital for VAT (MTD for VAT) ‘soft landing’ period, which is intended to help taxpayers who may find it difficult to comply with the IT demands associated with the initiative.

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Personal Tax

Income Tax and selling online

In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC.

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What to do when frozen thresholds put you in a higher tax bracket

The freeze on income tax thresholds and changes to dividend and CGT allowances will see millions dragged into higher rates of taxation, but there are ways for higher earners to reduce their tax bill.

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Inheritance Tax Planning Tips

With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future.

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Scams warning issued to 12 million self assessment taxpayers

Self assessment taxpayers must be on the lookout for scam texts, emails and phone calls from fraudsters, HMRC was warned.

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Do you have a side income?

If you do, then you are probably aware of the requirement to disclose this on your Self-Assessment tax return.

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HMRC tax error sees thousands overcharged on student loans

An error in payroll software used by HMRC has caused thousands of individuals to overpay on their student loans.

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VAT

Get ready for new VAT penalties from 1 January 2023

For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT.

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VAT rate reduction for hospitality, holiday accommodation and attractions.

The reduced VAT rate of 5% has been extended until 30 September 2021. Following this, an interim rate of 12.5% will be in place for a further six months with the standard rate of 20% returning in April 2022.

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HMRC urged to act on online VAT fraud by overseas sellers

HMRC has been too slow to address the problems of online VAT fraud by overseas sellers and its estimates of the tax loss are ‘out of date and flawed’.

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How can we help you?

Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.

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